All Forum Posts by: Thomas Weidner

@Nancy Bachety thanks for your reply. All info is useful info. Is there a certain cost per booking that you expect to spend or you are expecting to spend?

@Avery Carl thanks for the insight. I have been researching the area from Realtor.com and have seen exactly what you are talking about. It would be just putting the list together to manage from afar.

@Lucas Carl I appreciate your feedback. You have a pretty nice portfolio. Pretty impressive that you manage these yourself. I would have thought that the 5 str would take a lot of time.

@Lucas Carl @Michael Nelson say the purchase price would be 250-300k with a conventional mortgage. The market would be a high demand market such as Pigeon Forge or Orlando and would be available 365 days a year. The management would way the options of try doing ourselves from afar if was possible. Just trying to learn if it was feasible to do before diving in.

On your short term rentals how much of that rent do you actually put in your pocket? I understand some of the things you have to pay for such as utilities, WiFi, furniture. But what are some of the other costs associated with STR? A booking company??

@Julie McCoy what is your avg cost of entry where you are investing?

@Brian Pawl

Our goals are to close on our first almost brrr.

Take down our first flip for capital.

Then roll that capital into another full brrr.

The almost brrr consists of our lender lending the purchase and rehab depending on our appraisal. We had the appraisal done as if the remodel was already done and hit our ARV number of 105k. Now we are on to title and hopefully close in a couple weeks. Then rehab and tenants by 4 months.

@Beau B. Bray there are companies out there that lend on rentals and it is based on the asset and not income. So if there is a lot of equity in the deal I would say it would be a deal. They have a little higher interest rate but if you still cash flow it is a good thing. Remember 100 dollars cash flow and 1 deal is better than no deal at all. It’s all about getting your foot in the door. It’s about your goals and how bad you want it and finding a solution to your problems. Even if someone says you can’t do it. Do your due diligence and search for these companies on google. The internet is your friend. Best of luck.

There is a meetup in Longview. Check out meetup.com and search there. I believe @Tom Keith leads this meetup. There is also meet ups in Lindale and Tyler as well. Goodluck!

On the framing issue, when you bought the property was there a inspection done then? If not why wasn't  an inspection done before you signed on the dotted line. If it was done before hand it could have been addressed then or walk away from the deal. It would be part of my due diligence to find this stuff out before I buy it.